Hedging for the duration

Mortgages and real estate have recently become prominent in the headlines. They were at the heart of the savings and loan crisis, the mortgage servicing challenge, and now subprime mortgages have come right to the fore.

Subprime is the latest frontier as the industry expands home ownership ever outward. And given the collective need to utilise the vast origination capacity in the industry, subprime expanded at remarkable speed. Like its predecessors, subprime will eventually be tamed with standar

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